INVENTORY CONTROL UNDER STOCHASTIC LEAD TIME AND STOCHASTIC DEMAND.

Abstract

An attempt is made to investigate the behavior of an inventory system in which lead time, the size of the demand order, and the time between successive demand orders are all random variables with known probability distributions. Since adequate analytical mathematical models are not existant, a computer-based simulation model is used to study the inventory system. An introduction to the inventory problem and a description of inventory systems currently in use are provided. The formulation of the model is described. Results are presented as graphs of stockout time as a function of reorder point.

Document Details

Document Type
Technical Report
Publication Date
Jan 01, 1965
Accession Number
AD0620921

Entities

People

  • Kenneth R. Rand Jr.

Organizations

  • University of Pennsylvania

Tags

DTIC Thesaurus Topics

  • Inventory
  • Inventory Control
  • Lead Time
  • Mathematical Models
  • Models
  • Probabilistic Models
  • Probability
  • Probability Distributions
  • Random Variables
  • Simulations

Readers

  • Logistics and Supply Chain Management.
  • Regression Analysis.
  • Theoretical Analysis.